A lower dollar index supported higher base metals future prices on the London Metal Exchange in the morning of Tuesday February 9, with nickel gaining the most in percentage terms. Nickel's three-month price was up by 1.3% on Tuesday at 9am to $18,405 per tonne from Monday's closing price of $18,167 per tonne, starting its fourth straight day of gains. The metal reached $18,425 per tonne during e...Read More
With the exception of tin, base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were firmer this morning, Tuesday February 9, as were the precious metals and oil, while the US dollar continued with its recent pullback.Oil prices hits $61 per barrel, highest since January 2020, on production cutsBitcoin surges as Tesla shows support for the cryptocurrencyUnited States'...Read More
This year will be a turning point for network readiness and availability of 5G after some initial delay in last year caused by the Covid-19 pandemic, sources told Fastmarkets. More 5G smartphones, wearables and other consumer electronics have reached the mainstream market while the increase in remote working that has resulted from lockdown measures continues to underscore the need for greater band...Read More
New energy companies are turning to the soaring equity markets to fund their future expansion. A flurry of reverse mergers among companies that produce minerals used in electric vehicles show that there is increased interest in new energy equities, and could fund the expansion of mineral supply chains in Europe and the United States. The Dow Jones Industrial Average is currently over 30,695, just...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed...Read More
Base metals prices were putting in a strong performance on the last trading day before the Chinese New Year holiday, with all the metals, with the exception of an already-strong tin, seeing gains this morning, Wednesday February 10.* Bank loans in China were at new highs in January, with aggregate financing of 5.17 trillion yuan ($802 billion)* Optimism grows while focus is on vaccine rollout and...Read More
EAFE (EFA) moved above $75.75 to an all-time high extending an intermediate uptrend. Shanghai Composite Index moved above 3637.10 to a six year high extending an intermediate uptrend. American International Group (AIG), an S&P 100 stock moved above $42.57 extending an intermediate uptrend. Nvidia (NVDA), a NASDAQ 100 stock moved above $587.49 to an all-time high extending an intermediate uptre...Read More
Here are five Fastmarkets stories you might have missed on Monday February 8 that are worth another look.European steel association Eurofer is concerned that the EU's Carbon Border Adjustment Mechanism (CBAM) will result in a substantial rise in the costs of steel production, it said on Friday February 5.China's...Read More
The London Metal Exchange copper price closed above the $8,000 per tonne mark for the first time in nearly two weeks on Monday February 8, with the majority of the other base metals prices also increasing on account of a falling dollar index. Copper's price closed at $8,037 per tonne on Monday, a 1.6% rise from its price on Friday at 5pm of $7,912.50 per tonne and its first time closing above $8,0...Read More
Peru reported a year-on-year decrease in copper production for the second month in a row in December, while zinc output continued to recover, according to the latest data from the country's Ministry of Energy & Mines (Minem).The country produced 221,980 tonnes of copper equivalent the last month of 2020, down 1.6% from the 225,496 tonnes produced in December 2019. Production had fallen 2.4% y...Read More
Peru reported a year-on-year decrease in copper production for the second month in a row in December, while zinc output continued to recover, according to the latest data from the country's Ministry of Energy & Mines (Minem).The country produced 221,980 tonnes of copper equivalent the last month of 2020, down 1.6% from the 225,496 tonnes produced in December 2019. Production had fallen 2.4% y...Read More
Seaborne low-grade manganese ore prices dropped for the second consecutive week on Friday February 5 on weakening demand and high Chinese port stocks, which outweighed logistical disruptions. Fastmarkets' manganese ore index 37% Mn, cif Tianjin dropped 6 cents week on week to $4.62 per dry metric tonne unit (dmtu) on February 5. Fastmarkets' manganese ore 44% Mn, cif Tianjin edged up 2 c...Read More
A summary of aluminium producer Rusal's results for the year ended December 31, 2020.SummaryRusal's aluminium sales fell 6.0% year on year in 2020 to 3.93 million tonnes. The drop in sales is attributable mostly to a higher base in 2019, when sales volumes were above normal levels due to the partial sell down of surplus inventories of primary aluminium...Read More
Here are five Fastmarkets stories you might have missed on Monday February 8 that are worth another look.European steel association Eurofer is concerned that the EU's Carbon Border Adjustment Mechanism (CBAM) will result in a substantial rise in the costs of steel production, it said on Friday February 5.China's...Read More
Key data from the pricing session in London on Friday February 5.Key drivers The downward correction in prices has continued over the past week, with the market dropping to a one-month low on profit-taking amid an active spot market, and expectations of more material arriving in European...Read More
Base metals prices on the London Metal Exchange were mainly weaker this morning, Monday February 8, while those on the Shanghai Futures Exchange were mostly firmer, but this comes after a strong performance on the LME on Friday, when prices closed up by an average of 1.7%. Poor US employment report may help rescue package pass through CongressUS Treasury secretary Janet Yellen predicts the United...Read More
A Russian court on Friday February 5 largely upheld a contested fine on Nornickel, charging it $1.93 billion - the country's largest environmental fine - for an oil spill in the Arctic.Nornickel already took an accounting charge to cover the fine for a May 2020 oil spill that saw it surrender 98.5% of its profits for the first half of that year. Nonetheless, Nornickel signaled Friday that it might...Read More
Sir Mick Davis, former chief executive officer of Xstrata plc, has launched an investment company focused on battery minerals and has made its first strategic financing move in a graphite mine in Madagascar.The new company is called Vision Blue Resources. It has said that it intends to capitalize on the structural change in battery mineral demand now under way globally, by acquiring a portfolio of...Read More
Here are five Fastmarkets stories you might have missed on Monday February 8 that are worth another look.European steel association Eurofer is concerned that the EU's Carbon Border Adjustment Mechanism (CBAM) will result in a substantial rise in the costs of steel production, it said on Friday February 5.China's...Read More